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Oil & Gas stocks lead the rally
Fri, 16 Sep 11:30 am

Indian stock market indices continued to trade strong over the last two hours of trade. All sectoral indices are trading in the green. Private Sector Units (PSU) and Oil and gas stocks are witnessing maximum buying interest.

The BSE-Sensex is up by 159 points and NSE-Nifty is up by 40 points at the moment. BSE Mid Cap and BSE Small Cap indices are up by 0.23% and 0.26% respectively. The rupee is trading at 47.41 to the US dollar.

Steel stocks are trading firm. All stocks in the sectoral index are trading in the green except for National Aluminium Company Ltd. (NALCO) which is trading in the red. According to a leading financial daily, Tata Steel has received an order worth US$ 70 m to supply 84,000 tonne rail, each measuring 108 meters long for a new high speed track connecting the two French cities of Bordeaux and Tours. The longer rails will also reduce maintenance cost. The steel required for the project would be manufactured in Scunthorpe facility in the UK, before being rolled into rail at its Hayange mill in North-East France. The company will also supply switches and crossings to the construction consortium for the project. The delivery is expected to start from 2014. The company is also embarking upon a five-year improvement programme for its Ijmuiden steelworks plant in the Netherlands, which will entail an investment of US$ 1.1 bn.

Engineering stocks are trading in the green. Areva T&D and Larsen And Toubro (L&T) are the biggest gainers while BGR Energy and Pipavav Shipyard are the biggest losers. According to a leading financial daily, Siemens is searching for potential partners to grow its automotive electronics unit. Siemens is planning to re-enter this segment which it had abandoned four years ago. The company is planning to develop charging stations for electric cars that are faster and packed with more power. Earlier this month, Siemens had agreed to partner with Volvo Car, owned by Chinese group Zhejiang Geely, to develop technology for electric cars. The company has said that it will invest significant sum of money in its electric mobility business but stopped short from providing details on the size of the investment.

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